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How much does it take to be wealthy?

How much does it take to be wealthy? Would others consider you wealthy? That would depend on where in the world you live, reveals a new poll carried out by the world’s largest independent financial advisory organisation.

The deVere Group survey finds that in Hong Kong the average level of wealth someone would need to have to be deemed ‘wealthy’ would be 2.8 million USD (21.7m HKD*), in the United Arab Emirates it would be 2.6 million USD (9.5m AED*), in the United States it would be 1.4 million USD, in the United Kingdom it would be 1.3 million USD (837,000 GBP*), and in South Africa it would be 1.2 million USD (11.9m ZAR*).

More than 900 deVere clients throughout June and July, across these five territories – from where the international financial consultancy runs some of its largest operations – were asked ‘At what level of personal wealth would you term someone wealthy?’

In Hong Kong, UAE, USA, UK and South Africa, the overall average level of wealth that people would need to have acquired, according to those surveyed, would be 1.86 million USD.

The poll was undertaken to help gain a more in-depth understanding into the perception of wealth. This will further empower the deVere Group to better understand clients’ financial thinking and, therefore, how best to advise them to reach, and even exceed, their long-term financial goals.

Those polled were, in addition, asked ‘Does money bring you happiness?’ The overwhelming majority believe that it does. 86 per cent of those in Hong Kong replied ‘yes’, with 84 per cent in the UAE, 81 per cent in the US, 77 per cent in the UK, and 72 per cent in South Africa responding in the same way.

Overall, 80 percent of the survey’s participants believe that money does bring happiness.

Of the two sets of findings, deVere Group’s founder and chief executive, Nigel Green, comments: “The poll highlights that wealth is a subjective, largely relative, issue.

“It’s our experience that an increasing number of people across these five territories are becoming what would be deemed as ‘wealthy’. However, whatever level you are financially, the most vital thing is to have a sound, workable, progressive financial strategy.

“In addition, as the findings reveal, it is widely believed that money can bring happiness. Many things can make us happy, but I suspect the reason why most people insist money is a major contributor to happiness is because it provides a wider scope of opportunity.”